Now that you have reviewed information about Running Latte, you are ready to begin the first...

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Now that you have reviewed information about Running Latte, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 1 1 2 55 Purchased 39 packages of Customized Paper Cups from Abejundio Coffee for $32 each, terms net 30. Paid the full amount owing to Croup Coffee, Check No. 603. Payment fell within discount period. Obtained a loan of $46,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2024 and the principal of the loan is to be repaid on June 1, 2029. Purchased 10 bags of Light Roast Robusta Coffee Beans from Brazil Imports Group for $299 each, terms 2/10, n/30. 5 Paid the full amount owing to Klam Wholesalers, Check No. 604. Payment fell within discount period. Sold Chocolate Sprinkles to Quick Bolt Coffee for $391, Invoice No. 501. 5 5 Made cash sales of $6,871 during the first 5 days of the month. 6 Purchased 9 bags of medium Roast Arabica Coffee Beans with cash for $155 each, Check No. 605. Now that you have reviewed information about Running Latte, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 1 1 2 55 Purchased 39 packages of Customized Paper Cups from Abejundio Coffee for $32 each, terms net 30. Paid the full amount owing to Croup Coffee, Check No. 603. Payment fell within discount period. Obtained a loan of $46,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2024 and the principal of the loan is to be repaid on June 1, 2029. Purchased 10 bags of Light Roast Robusta Coffee Beans from Brazil Imports Group for $299 each, terms 2/10, n/30. 5 Paid the full amount owing to Klam Wholesalers, Check No. 604. Payment fell within discount period. Sold Chocolate Sprinkles to Quick Bolt Coffee for $391, Invoice No. 501. 5 5 Made cash sales of $6,871 during the first 5 days of the month. 6 Purchased 9 bags of medium Roast Arabica Coffee Beans with cash for $155 each, Check No. 605.

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To record the transactions for the first week of June we need to journalize each transaction and pos... View the full answer